Japan's industrial output unexpectedly drops in April

Japan's industrial output unexpectedly fell for the first time in three months in April, according to data from the Economy, Trade and Industry Ministry on Wednesday.

Industrial production declined 0.4% from a month earlier following two consecutive months of growth.

The market expected factory output to rise 0.5%.

Contributing the decline in headline figure, production of machinery, and iron and steel slipped 7.4% and 1.1%, respectively.

On an annual basis, industrial production dropped 0.3% in April.

Separate data on Wednesday showed retail sales grew 5% year-on-year in April, following a plunge of 7.2% in March.